| AT&T Inc. (NYSE: T) reported third-quarter results that delivered consistent growth in Mobility service and broadband revenues as it attracts high-quality, converged customers in both 5G and Fiber. Following its continued performance, the Company reiterates all full-year 2024 consolidated financial guidance. |
| Third-Quarter Consolidated Results |
- Revenues of $30.2 billion
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- Diluted EPS of $(0.03); adjusted EPS* of $0.60
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- Operating income of $2.1 billion; adjusted operating income* of $6.5 billion
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- Net income of $0.1 billion; adjusted EBITDA* of $11.6 billion
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- Cash from operating activities of $10.2 billion, down $0.1 billion year over year; consistent year to date compared to the same period in 2023
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- Capital expenditures of $5.3 billion; capital investment* of $5.5 billion
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- Free cash flow* of $5.1 billion, down $0.1 billion year over year; up $2.4 billion year to date compared to the same period in 2023
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| Third-Quarter Highlights |
- 403,000 postpaid phone net adds with an expected industry-leading postpaid phone churn of 0.78%
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- Mobility service revenues of $16.5 billion, up 4.0% year over year
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- 226,000 AT&T Fiber net adds; 200,000+ net adds for 19 consecutive quarters
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- Consumer broadband revenues of $2.8 billion, up 6.4% year over year
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- 28.3 million consumer and business locations passed with fibre
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| "We delivered another strong and consistent quarter, furthering our leadership in converged 5G and fibre connectivity," said John Stankey, AT&T CEO. "Despite severe weather and a work stoppage in the Southeast, this is our 19th straight quarter of adding more than 200,000 new AT&T Fiber customers. We continue to grow our largest business – Mobility – the right way with what we expect will be industry-leading postpaid phone churn for the 13th time in 15 quarters. We are investing at the top of the industry, reducing debt and growing free cash flow year to date. These solid results give us confidence in reiterating our full-year consolidated financial guidance." |
| 2024 Outlook
For the full year, AT&T reiterates guidance of: |
- Wireless service revenue growth in the 3% range.
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- Broadband revenue growth of 7%+.
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- Adjusted EBITDA* growth in the 3% range.
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- Capital investment* in the $21-$22 billion range.
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- Free cash flow* in the $17-$18 billion range.
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- Adjusted EPS* in the $2.15-$2.25 range.
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- The Company continues to expect to achieve net debt-to-adjusted EBITDA* in the 2.5x range in the first half of 2025.
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- On track to pass 30 million-plus consumer and business locations with fibre by the end of 2025.
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| Note: AT&T's third-quarter earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, October 23, 2024. The webcast and related materials, including financial highlights, will be available at https://investors.att.com. |
| For the full document click the link below: |
| AT&T Inc. |
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